JLL Secures Funding for $284M Multifamily Development
- Jan 15, 2016
Seattle—A landmark $284 million multifamily development slated for Seattle’s South Lake Union community is one step closer to reality. On behalf of Clise Properties Inc. the JLL Capital Markets team has secured senior construction and mezzanine financing for the multifamily development that will be built at 2202 8th Avenue. The development is being referred to as 2202.
Featuring 450 apartments offering floor-to-ceiling windows overlooking Elliott Bay and with views of the Olympic and Cascade Mountain Ranges, the 40-story building will include an array of luxury touches. They include a full-floor rooftop deck, clubroom and game room, terrace with fire pits and seating areas, penthouse-level fitness center and yoga and barre studio, spa and Jacuzzi.
The building will also feature a dog spa and park.
In addition, street-level restaurants and a 350-stall parking garage, including private garages, will be included in the property
“The iconic landmark design of 2202, plus its state-of-the-art amenities, and 50-yard line location, is expected to serve as the pinnacle of residential luxury in Seattle,” said Managing Director John Lo, who with Managing Director John Manning and Executive Vice President Alex Witt, led the JLL team on the transaction. “Clise Properties is a renowned name in commercial real estate, and this project is a reflection of [its] commitment to Seattle and a first-class execution.”
The senior construction loan was provided by Bank of the Ozarks. The mezzanine loan was furnished by EverWest Real Estate Partners, in partnership with Diamond Realty, a division of Mitsubishi Corporation.
This marks the Japanese lender’s introductory foray into Seattle investment. That is evidence of the market’s strength and the high-profile status of 2202 8th Avenue, JLL reported.
In 2014, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions across the globe. The firm’s Capital Markets team is made up of 1,700 specialists operating around the world.